Jamba, Inc. (NASDAQ:JMBA), a leading health and wellness brand and leading retailer of freshly-squeezed juice today posted an update of its ongoing efforts to transition to an asset-light model. With the closing of a multi-market deal announced yesterday, Jamba has completed a significant portion of its ongoing refranchising initiative.

Jamba announced the refranchising initiative at the end of 2014, with a stated goal of refranchising “up to 114” stores during 2015. The Company has significantly exceeded its initial goal with closed deals today representing 150 stores. The Company expects that deals for 74 additional stores will be refranchised for three California markets by the end of 2015 and theChicago/Midwest market by the first quarter of 2016. At the end of 2015 we expect to be at 90%+ franchise organization.

“We are pleased with the progress we continue to make in our refranchising efforts,” stated James D. White chairman, president and CEO of Jamba. “As we move ahead on the Company’s commitment to an asset light model, these deals position us well to reach our goal of generating $60 – $70 million of cumulative cash proceeds from refranchising in 2015.” (Original Source)

Shares of Jamba closed yesterday at $15.20. JMBA has a 1-year high of $16.89 and a 1-year low of $11.56. The stock’s 50-day moving average is $15.46 and its 200-day moving average is $15.51.

On the ratings front, Jamba has been the subject of a number of recent research reports. In a report issued on May 12, Canaccord Genuity analyst Scott Van Winkle reiterated a Buy rating on JMBA, with a price target of $18, which represents a potential upside of 18.4% from where the stock is currently trading. Separately, on May 11, Wedbush’s Philip Terpolilli maintained a Buy rating on the stock and has a price target of $18.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Scott Van Winkle and Philip Terpolilli have a total average return of 8.9% and -1.9% respectively. Winkle has a success rate of 51.9% and is ranked #438 out of 3718 analysts, while Terpolilli has a success rate of 42.9% and is ranked #2858.

Jamba Inc owns, franchises and operates food stores. The Company is a retailer of blended-to-order fruit smoothies, squeezed-to-order juices, blended beverages and snacks.